FIRE AWARD 2020 LAUNCH
Nairobi - August 19, 2020 - The 19th edition of the FiRe Award has today been launched by the joint promoters of FiRe Award namely; Institute of Certified Public Accountants of Kenya (ICPAK), Nairobi Securities Exchange (NSE) Capital Markets Authority (CMA) and Public Sector Accounting Standards Board. (PSASB) This year’s event is focusing on how vagaries of COVID 19 have affected businesses and livelihoods. The edition will also document key lessons on coping strategies being employed by organisations to remain afloat, despite constrained business environment and reduced incomes. The theme of this year’s award is “Financial Reporting Excellence in a Disruptive Environment”.
The PSASB Chief Executive officer, Mr. Fredrick Riaga, observed that the FiRe Award is proving to be an indispensable tool, that is guiding public sector entities on financial prudence and reporting. “This has indeed influenced the way our public sector entities prepare their financial reports”.
On his part, the NSE Chief Executive Officer Mr. Geoffrey Odundo, said the Covid-19 pandemic has affected capital markets in a great way. He however noted; “This year’s Award presents a unique opportunity for the quoted companies to demonstrate how they have been coping with the pandemic without losing their grip on financial probity“.
ICPAK Chief Executive Officer, Mr. Edwin Makori, commended the accountancy fraternity for staying steadfast and offering financial leadership to their respective organizations during the time of the pandemic. “We are confident that our members will continue to discharge their responsibility with vigour and commitment in order to ensure public finances are safeguarded by those entrusted with public resources.” Said CPA Makori.
The Capital Markets Authority Acting Chief Executive, Mr. Wyckliffe Shamiah, observed “robust financial reporting and corporate governance practices are key pillars to ensure our capital markets are aligned to global best practices as we position Kenya as the premier choice for investors and issuers on the continent. A sound reporting and disclosure framework ensures investment decisions are based on accurate and timely information which enhances confidence in the capital markets while also lowering barriers to access to capital for issuers.”
Last year, FiRe Award attracted 685 entities and we expect entities to participate in 2020, despite the disruptions of Covid-19.
Some of the issues that are expected to be addressed by the entities to be evaluated in this year’s Award include; Risk disclosures, Classification of expenses and clearly distinguish financial statements from other information contained in the annual report and financial statements as observed by the Judges in last year’s evaluation.
Entities are expected to submit their financial reports for evaluation with the Private sector entities expected to submit theirs by Friday, 4th September 2020 while the Public sector entities on Friday, 7th October 2020. The promoters also announced that the FiRe Award ceremony to recognize the winners will be held in quarter one 2021.
BACKGROUND INFORMATION ON THE FIRE AWARD
The Financial Reporting (FiRe) Award is the most prestigious and coveted Award in East Africa for financial reporting. The Award is presented annually, during a colorful, gala evening hosted by the joint promoters; the Public Sector Accounting Standards Board (PSASB), Capital Markets Authority (CMA), the Nairobi Securities Exchange (NSE) and the Institute of Certified Public Accountants of Kenya (ICPAK). For the last sixteen (16) years, the FiRe Award has recognized and awarded the best reporting entities in East Africa. The Award is aimed at promoting integrated reporting through enhancing accountability, transparency and integrity in compliance with appropriate financial reporting framework and other disclosures on governance, social and environmental reporting by private, public and other entities domiciled in East Africa.
PUBLIC SECTOR ACCOUNTING STANDARDS BOARD (PSASB): The PSASB is a statutory body established under Section 192 of the Public Finance Management Act (PFM) No. 18 of 2012. The Board is mandated to provide frameworks and set generally accepted standards for the development and management of accounting and financial systems by all state organs and public entities.
ICPAK: The Institute of Certified Public Accountants of Kenya (ICPAK) is a statutory body that regulates the profession of accountancy in Kenya. The Institute has achieved recognition as a professional body for its contribution in finance and accounting education, governance, professional development, maintenance of high accounting, auditing and ethical standards. As a professional body concerned with protection of public interest, ICPAK is one of the most active thought leaders in governance and economic matters in the country and the region.
NSE: The Nairobi Securities Exchange (NSE) is the principal securities exchange of Kenya. Besides equity securities, the NSE offers a platform for the issuance and trading of debt securities. The NSE is a member of the African Securities Exchanges Association (ASEA) and the East African Securities Exchanges Association (EASEA). It is an affiliate member of the World Federation of Exchanges (WFE), an associate member of the Association of Futures Markets (AFM) and a partner Exchange in the United Nations Sustainable Stock Exchanges Initiative (SSE).
CMA: The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; reviewing the legal framework to respond to market dynamics; promoting investor education and public awareness; and protecting investors’ interest.
For more information visit our website: http://www.fireaward.org